I want to get an answer to my questions. It is my 1st question which I sent you 30 minutes ago. But you didn't answer to my question. 1 11. A consumer has a utility function u(x, X, )= x² + x3and the budget constraint isôv(p,I)/ôp;P,x, + P2x, = I, P,P2,I >0 . Check the Roy's identity o,(p,I) =-forôv(p,I)/ôIi = 1,2.P(p,I) is the Marshallian demand function, v= v(p,I) is the indirect utilityfunction.

We are going to deive indirect utility function to answer this question.

1. A consumer has a utility function u(x,x,)=x} +x3 and the budget constraint is ôv(p,I)/op; ôv(p,I)/ôI P,X; + P,x, = I, P» P2,I >0 . Check the Roy's identity o,(p,1) = for i = 1,2. 9(p,1) is the Marshallian demand function, v=v(p,I) is the indirect utility function.

1. A consumer has a utility function u(x,x,)=x} +x3 and the budget constraint is ôv(p,I)/op; ôv(p,I)/ôI P,X; + P,x, = I, P» P2,I >0 . Check the Roy's identity o,(p,1) = for i = 1,2. 9(p,1) is the Marshallian demand function, v=v(p,I) is the indirect utility function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I want to get an answer to my questions. It is my 1st question which I sent you 30 minutes ago. But you didn't answer to my question.

1 1
1. A consumer has a utility function u(x, X, )= x² + x3
and the budget constraint is
ôv(p,I)/ôp;
P,x, + P2x, = I, P,P2,I >0 . Check the Roy's identity o,(p,I) =-
for
ôv(p,I)/ôI
i = 1,2.
P(p,I) is the Marshallian demand function, v= v(p,I) is the indirect utility
function.

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